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bidder shall fail or refuse to accept delivery of the bonds and <br />pay for the same as soon as the bonds are ready for delivery, or <br />at the time fixed in the notice of sale, then said check and the <br />proceeds thereof shall be the property of the City and shall be <br />considered as its liquidated damages on account of such default; <br />that the opinion of Ross, McCord, Ice and Miller, bond counsel <br />of Indianapolis, Indiana, approving the legality of said bonds, <br />will be furnished to the purchaser at the expense of the City, <br />and that no conditional bids will be considered. <br />Bidders shall be required to name the rate or rates of <br />interest which the bonds are to bear not exceeding four per cent <br />()+ %) per annum. Such interest rate or rates shall be in <br />multiples of one - eighth (1/8) of one per cent (1,%) and not more <br />than four ()+) different interest rates shall be named by each <br />bidder. Bids specifying two or more interest rates shall also <br />specify the amount and maturities of the bonds bearing each rate, <br />but all bonds maturing on the same date shall bear the same rate. <br />The bonds shall be awarded by the City Controller to the <br />highest qualified bidder who has submitted his bid in accordance <br />with the terms of this ordinance and the notice of sale. The <br />highest bidder will be the one who offers the lowest net interest <br />cost to the City, to be determined by computing the total interest <br />on all of the bonds to their maturities and deducting therefrom <br />the premium bid, if any. The right to reject any and all bids <br />shall be reserved. In the event an acceptable bid is not received <br />on the date fixed in the notice, the City Controller shall be <br />authorized to continue the sale from day to day for a period not <br />to exceed Thirty (30) days, but during such continuation no bid <br />shall be accepted which is lower than the highest bid offered at <br />the advertised sale. -- <br />Section 8. The accrued interest received at the time of <br />the delivery of the bonds, if any, together with such amount of <br />12 <br />